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Nomad Cross-Chain Crypto Bridge Suffers Possible Multimillion-Dollar Exploit
A possible exploit of the Nomad cross-blockchain bridge has resulted in the outflow of millions of dollars worth of crypto.
Harshvardhan
12:05 2nd Aug, 2022
Frauds

A possible exploit of the Nomad cross-blockchain bridge has resulted in the outflow of millions of dollars worth of crypto.

The still-developing situation appears to have begun just after 5:30 EDT. Initial outflows from the Nomad bridge contract focused on wrapped bitcoin (WBTC), with holdings of wrapped ether and later the stablecoin USDC also affected. As much as $100 million worth of crypto appears to have been affected.

It's also not clear whether the potential exploit is the work of a single actor or multiple, though blockchain data suggests that transactions may have been constructed to give the appearance of multiple actors.

"Right now the official update is that we're aware and actively looking into this," the team said in a Discord message.

The team behind the Nomad project raised a $22.4 million seed round earlier this year. Its backers include OpenSea and Coinbase, among others.

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